Westside SFH Example – Sold May 2011 For $2.47M; Back On Market Oct 2012 Ask Price $2.48M

4550 Blenheim St, Vancouver Westside (McKenzie Heights)
Built 2009
3,370 sqft SFH, 46×122 lot
6 bedrooms, 4.5 bathrooms, 3 car garage

Listed 12 Mar 2011, Ask Price $2.59M
Sold 15 May 2011, Sale Price $2.47M

Now, Listed 12 Oct 2012, Ask Price $2.48M

1. Motivation for sale?
2. One (of many) to watch.
– vreaa

49 responses to “Westside SFH Example – Sold May 2011 For $2.47M; Back On Market Oct 2012 Ask Price $2.48M

  1. vamcouverbubbleman

    oh im certain it was just somebody that moved to our great city last year to start a new life with their family and start a great new , high paying job….we have plenty of high paying jobs avail. here in vancouver. then , a year later….decided that they wanted to pack up and move away. nothing to see here….move along. it looks like their are about 5 to 10 thousand other people that did the same thing by the way….hahahahahahaha.

  2. Looks like it was listed in July for $2.499
    I love when a property isn’t moving and the brain trust says “let’s drop the price by less than one percent and see if that does anything.”

  3. Also note that when it sold last year it was advertised as being on a 50’x122′ lot, but now it’s 46’x122′ — pesky infill housing!

  4. Would be overpriced even at 50% off…

  5. It’s a failed flip. Bought 2011 summer. Listed in January at 2,780,000. Now on market really all year. Name indicates could be HAM. Looks like the previous owner made the big gain and now it’s a decent loss for this “specuvestor”.

    • Interesting call. Probably accurate. Implication is important here is in that a flipper/speculator needs to sell. Worst case scenario they go insolvent and it goes to the bank as a foreclosure. Better than that scenario, they discount deep to move it. Either way, the spec’ers represent significant downward pressure on the market as a whole.

    • Good. The more HAM that gets cooked in this downturn the better. The destruction of good, solid but modest houses in favour of the tacky boxes like the one listed here will haunt this city for decades to come.

      • Rusty's Ghost

        driving south on boundary took a left on Moscrop – every single house is exactly what you described – a tacky box – see for yourself

        (not my video – skip to 0:42 and enjoy the tacky boxes as they pop up every 5 or 6 seconds – there is still a smattering of post ww2 bungalows and 70s/80s vancouver specials – but one day, ALL of the houses will be tacky boxes with stone fenced yards – yardwork is for suckers, anyways, right? – and every restaurant will be a cactus club

  6. Well… DurnIt!… Perhaps this BlenHeim HouseHolder… is simply liquidating his WestSide portfolio… to lever into…

    MicroSurrey’s MiniatureVillage [NoteToEd: I know, sounds like a quaint English ‘RoadSideAttraction’]!…

    No… wait just one darn minute… Surely that’s not possible. We have it on VeryGoodAuthority that no self respecting WestCouverite would ever deign to CrossTheHousingRubicon… into… [that place whose name must not be spoken]… Just in… and here’s your Quote ‘O TheDay, DearReaders….

    “I’m never going to suggest that we live that lifestyle in Vancouver…” – Mr. Charan Sethi, Developer

    [CBC] – Micro-suites get green light in Surrey, B.C

    …”The City of Surrey, B.C., has approved what will become some of the smallest condo units in the country. The 56 units — which range from 290 to 653 square feet — will be part of a complex at Whalley Boulevard and Grosvenor Road. Developer Charan Sethi says he wants to do something to address the lack of affordable housing.

    “The City of Surrey, Mayor Dianne Watts and city council are right behind us,” he said.”….

    http://tinyurl.com/8s87y6r

    [NoteToEd: I hope the SFS is as enthused as “TheCity” and Mayor Watts]

  7. DNGCAUGHTWITHPANTSDOWN

    In stating the obvious, more than likely over the next 5-10 years, there will be a gradual closing of the gap between wages and house prices. My bet is on the USA. Garth Turner is right on the money!

  8. vamcouverbubbleman

    how many empty houses and condos are there in this city? 1000’s of them. all owned by “flippers” that dont live here. city hall is so corrupt its crazy. we need new policies not narrower streets and more condos. wake up mr.” i ride my bike to work and am putting in bike lanes” you are destroying the city…..well u already have. i have three friends with families in their late 30’s that are giving up and moving to alberta as they are sick of this cities policies. lets have all the working families that pay taxes here move to other provinces and we can replace them with flippers that dont live here- great idea !!!

    • Maybe the city needs a change of focus and rebranding with a catchy name change? Like this place, with 2,500 businesses, 80,000 jobs but only 219 residents:

      http://en.wikipedia.org/wiki/Industry,_California

      You don’t have to kiss too many babies to be elected mayor of THAT place!

      • Hah….do some research on the City of Industry. It is a hoot what you will find. This one of the most corrupt city’s in all the U.S. Those 219 residents are mostly family and friends of the city council and the council has controlled who lived there for years all while preventing new houses from being built. And of course the council and industrialist (corruptly) lined their pockets for 30-40 years and no authority has been able to do anything yet.

      • City of Industry…..good movie.

      • Funny you should say that, Kabloona… Got a light?

    • Tell your friends to skip Calgary because the “bike nuts” are also taking over here. Six inches of snow and they are out in force, biking in the middle of the roads.

      Never mind that a lot of the BC speculators are now flooding the Calgary market where the house above would go for about $900,000. In a couple of months most of the speculators will have moved from BC to Alberta, then our version of the crash can begin in earnest…

      Typical lag time in Calgary is about 6-12 months after BC crash. I have seen it a couple of times already.

    • Try spending some time in Alberta! I’ve been traveling in the prairies for a little bit now, the attitudes towards BC and Vancouverites here is hostile from adults, young adults hark “I want to move there!” however.

      It appears from a months worth of research, we (BC’ers) are perceived by quite a number of Albertans as people who are halting the growth of the province of Alberta and we are stealing their money by moving here to work and sending money back elsewhere, or earning and leaving.

      It’s quite strange to see the attitudes that some British held towards Polish migrant workers in the EU, held by Albertans towards others in their own country.

      I should however note, not a family person and have none of those lifestyle commitments, so certainly for some, locating a family into Alberta might make sense, but rest assured it is far more than just the scenery which differs past the Rocky Mountains.

      • The issue I was trying to get at was: When the BC economy tanks, all the speculators run to sunny Alberta looking for greener pastures. This typically happens near the top or “end” of a nationwide housing boom, exacerbating the upside in Alberta for an extra couple of months. When all the potential hot money has been flushed into Alberta, the crash is usually harder than would have been the case without all the money first running to Alberta.

        We are seeing this play out right now. Lots of BC plates around and Calgary has the hottest housing market in the country.

        Last chance to play before the credit gets taken away.

        You have to remember that this is a “boom and bust” province that typically sees greater swings than the rest of the country.

        “BC catches a cold and Alberta catches pneumonia.”

        And, it won’t be different this time. Just wait for the usual time lag to expire.

      • “Try spending some time in Alberta! I’ve been traveling in the prairies for a little bit now, the attitudes towards BC and Vancouverites here is hostile from adults, young adults hark “I want to move there!” however.”

        It’s generally a mutual feeling then. Only in BC, have I had drivers give me the finger or roll down their windows at a stop light to scream some profanity because of my Alberta tags. This experience is not limited to my own. You are right though, most professional adults in Alberta have little time for Vancouverites and their self-centered, geocentric, and uninformed points of view. The Vancouver attitude is often part of the reason why many young adults that move from Alberta to BC end up moving back to Alberta after they’ve grown up and realize that the BPOE pitch is so far from the truth.

  9. Pretzels...thirsty

    Change the house number to something with a lots of 8s. Preferably 8888

  10. Well according to the UBC ‘expert’. Home prices should drop 10% next year.

    http://www.theprovince.com/business/Vancouver+home+prices+could+drop+cent+next+year+says+expert/7435812/story.html#ixzz2ABNBdZT9

    Therefore based on the opinion of the expert, this property has at least a quarter million to drop..

  11. $850,000
    Tops.
    Do we have to go over again and again and again what the present asking price would buy you in ACTUAL world class cities. Certainly not some 3300 sq foot pile of OSB and spray on stucco… 6 bedrooms?..sounds like a “spacious” 580 sq foot luxury yaletown condo.
    Watching the airliner that is Vancouver real estate plow into the mountainside is proving to be so much fun. Once the jet fuel ignites… woo hoo

  12. Seller gets a haircut thrown in.

  13. Similar flip efforts in the blocks around me.

    Yes, and empty houses/vacant properties is one thing I was getting so irritated about a few days ago….

    Also, I just learned that a block of buildings on West Boulevard between 40th and 41st is slated to come down soon (businesses on this block closing this month), to be replaced with condos. Will there be buyers and residents for those, I wonder?

  14. Tony Tang
    clrtang@vancouver.ca
    “He wants to make Vancouver more affordable for all families, through smart, pragmatic management of land-use planning, city budgets and service delivery.”

    Kerry Jang
    clrjang@vancouver.ca
    “Councillor Jang has been a strong advocate on City Council for developing new homeless shelters and building low-income housing.”

    Raymond Louis
    clrlouie@vancouver.ca
    “he has worked tirelessly to bring the will of his constituents to City Hall, with a focus on supporting new affordable housing…”

    Geoff Meggs
    clrmeggs@vancouver.ca
    “believes that if you work in Vancouver, you should be able to live in Vancouver.”

  15. Looks like the seller couldn’t afford the mortgage. Definitely the wrong time to sell…

    • So when is the best time to sell? One year from now? Two years? Or are you referring to seasonality or the effect of weather on your RE bubble. “Don’t sell now because the Vancouver RE bubble is on vacation in Arizona for the rainy season and will be back next summer.”

      But I thought it’s always a good time to buy according to the RE bizz? So doesn’t logic then say that it’s always a good time to sell? What gives?

      • “So when is the best time to sell? ” – yesterday! From the last summer the time to sell is going to go from the wrong time to sell to horrible time to sell.

  16. Real Estate Tsunami

    Here’s a much better one:
    3560 Barmond, Richmond
    Bought Feb 2011 for $ 1,168,000
    Now on the market for $ 950,000.

    • Agree, better example.

    • perhaps but with $2.5M out there, did you notice owner of this house really has balls … and a hobbit fence

    • All the builders in that area should be dragged to the lowest circle of Hell. Apparently the words “tasteful” “elegant” and “beautiful” mean something quite different when you cross the Fraser. The realtors are using those adjectives with abandon in those listings, but what they’re peddling is definitely none of the above. And $1.5 – $2 million to live in Richmond? With the big attraction being….?

  17. And these are just a small sampling of the many thousands of homeowners who caught the whiff of a price decline just a little too late to escape the inevitable. I think we are going to discover that we do not need an oceans swell of listings to drive the market back down to earth. All it will take is an environment where most buyers cross their arms, sit back and refuse to buy while a handful of sellers pull the rug out from under the price floor. That floor is pure fiction anyway…..this market is utterly doomed. I got a real laugh reading the comments of one analyst suggesting that continued easy credit might permit a reflation of prices. That was yesterdays story.To me, that idea is preposterous when home ownership levels arealready so high, few first-timers are available as fuel, confidence is falling and household debt is at record levels. Combine that with our economies over-reliance on construction as a percentage of economic activity, more restrictive credit conditions and serious troubles devloping amongst our trade partners and we do not have a recipe for expansion. There is no doubt we are headed for much slower growth and ultimately recession. The projections I have seen from both the banks and Mr Carney are thus overly optimistic and although I do not fault them for putting forward a brave face in attempting to express some confidence, what is underway now was both foreseeable and predicted. Lets stop kidding ourselves. We used a rocket booster to break free of the economic coma much of the Western world was experiencing and now we are going to come right back down to earth in a most undignified way. Nobody ever learns. You just cannot bring forward so much demand without paying a price in the end. In a consumption economy that price can be a heavy one and we will not be spared.

  18. After people run away from the RE bust, there’s always “get-rich-quick-schemes” (ala Kiyosaki).

    http://www.cbc.ca/marketplace/2010/road_to_rich_dad/main.html

    It’s just pure gold. =) “Max out your credit cards!” Uhh… that’s debt isn’t it? “Use other people’s money.” Uhh… isn’t that leverage?

    I wonder if his seminars will continue to be popular when RE is no longer the darling investment it’s been for the last 30 years.

  19. And his neighbour at 4490 Blenheim bought last May for $1.92 million and after failing to sell for $2.38 million earlier this year the price has steadily been dropping to now at $1.698 million!

    Add $100K in transactional fees for icing on the cake

    But… nothing worse than 5087 Connaught in Shaughnessy… bought for $4.6 million last September and now listed for $3.988 million with a $4,066,100 assessment

  20. Well, if they can’t sell, there’s always this:

    http://www.cbc.ca/news/canada/ottawa/story/2012/10/25/ottawa-fire-fairbanks-home.html

    Imagine that. A $1.75 M home, and it’s caught fire three times. Well, to be fair, only twice, since we can’t count the old one that stood there. It burnt down in January 2010. Lightning strike apparently. Because we get tonnes of lightning here in Ottawa in January. (No we don’t.)

  21. In search of knowledge...

    I agree with most of the comments on this site in that the Van RE market is on the way down. For some reason, I have a morbid sense of curiosity (and guilt) as I see big drops in house prices – much like gawking at an car accident. However, there is a little voice inside me that says “just because everyone in the room agrees with each other, doesn’t mean we’re absolutely right.” So, here is my question, how does the situation today different than in 2008/2009? RE prices in Van and Toronto kept going up. I have some obvious theories (HAM, low interest rate, hype, spec, etc.) Are there others? What makes us so sure there isn’t an unknown factor we may have overlooked and prices will (bite my tongue) reflate?

    • They could, anything is possible.
      But the 2008/2009 bounce was fuelled by the amount and rate that rates dropped. (Read that again, it can be confusing). We can’t drop rates by that much, that fast, again, from our current position. There isn’t the appetite, nor is it mathematically possible.

      Also, BTW, “everybody in the room” here may agree were headed down, but this is a tiny, tiny room (and bears have been in the majority here for years). The REALLY important room to consider is the whole of the lower mainland, and occupants of that room are either still largely of the belief that housing prices here will never drop more than 10%, or they’re milling around somewhat stunned by the very beginnings of the realization that they might.

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